Recent Office Sales in Houston
The real estate market of Houston shows some remarkable changes in the recent months. In the month of January, 21 office buildings were sold in the Houston market. Office sales have decreased by 30% compared to January 2011. In terms of square feet, sales have increased by 48.61% compared to January 2011. Some of the recent sales include:
In January 2012, Canada-based H&R REIT has purchased Hess Tower, an 868,000 square-foot, Class A office building located at 1501 McKinney Street in the Central Business District, from a joint venture of Trammell Crow Co and Principal Real Estate Investors. The three-year-old building is fully occupied by Hess Corp and average rents stand at $30.00 per square foot. The 30-story building sold for a reported $445 million and was marketed by Russell Ingrum of CBRE Group Inc. The property has access to Mckinney St, La Branch St, Walker st. The class A office property situated on 1.18 acres.
7211 Regency LLC has purchased Imperial 20, a 115,000 square-foot Class B office building located at 16800 Imperial Drive in the Greenspoint/Northbelt sector, from GSMS 2005-GG4 Imperial Valley Office LLC, an entity of LNR Property LLC. The 29-year-old property is 91.1% occupied with average rents at $13.00 per square foot. The property has access to Imperial Valley Drive and Benmar Drive. The multi tenant office building is situated on 5.97 acres. The property amenities include A/C Access, Atrium, Cardkey Access, Handicap Facility, Postal Service and Sprinklers. The property has 80 covered parking and 450 open parking spaces.
Another significant sale from that month is the sale of Sam Houston Plaza, an 87,000 square-foot Class C office building located at 507 North Sam Houston Parkway East in the Greenspoint/Northbelt sector. California Credit Union has purchased Sam Houston Plaza from RP Sam Houston Plaza LP, an entity of Pinnacle Real Estate Holdings Inc. The 32-year-old property is situated on 2.45 acres with 40% occupied with average rents at $14.00 per square foot. According to the appraisal district records, the total assessed value is approximately $2.4 million. The office building located to the east of Atrium Drive, to the north of Sam Houston Parkway E. The property amenities include atrium, cardkey access, on site management, security and signage.
Lenders, appraisers, developers, investors, tenants and real estate brokers are just some of the real estate professionals who regularly need real estate market data. They seek timely raw data and summary statistics regarding the market and submarkets. O Connor & Associates has been providing this information since 1988. The Market Research and Consulting division of O Connor & Associates provides information necessary to make decision to commercial real estate professionals. Occupancy and Rental Data, ownership and management information are routinely gathered for four major land uses multifamily, office, retail and industrial. This information allows investors to compare competitive properties, facilitate business decisions and track market and submarket performance.
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